GUILTY: Rogue Trader Convicted Of Historic $2.3 Billion Fraud

LONDON (Reuters)
- Former UBS trader
Kweku
Adoboli was convicted on Tuesday of one count of fraud
related to a loss of $2.3 billion.

Adoboli, 32, was a senior trader on the Exchange Traded Funds
desk at UBS's investment banking arm in London and had worked for
the bank for eight years.

He had denied two charges of fraud by abuse of position and four
charges of false accounting.

He bowed his head when the foreman of the jury at Southwark Crown
Court gave the unanimous verdict of all 10 jurors.

The judge instructed the jury to keep trying for unanimous
verdicts on the other five counts, but said that if they could
not reach unanimity he would accept majority verdicts of 9-1.

The jury have now retired again to consider verdicts on the
remaining counts.

The charge of which he was found guilty alleged that he
dishonestly abused his position by causing losses to UBS of the
$2.3 billion, intending to make a gain for himself or cause
losses to UBS - or expose the bank to risk of loss - in breach of
the 2006 Fraud Act.

Adoboli was arrested in September 2011, and his trial started a
year later.